Naira devaluation created setback to travel industry – Finchglow GMD

The Group Managing Director of Finchglow Holdings, Mr Bernard Bankole, has said the instability in the foreign exchange market was a setback to the travel industry. He, however, expressed optimism that the situation would improve, charging stakeholders in the travel industry to chart a way forward on how to grow the aviation sector. He spoke […]

The Group Managing Director of Finchglow Holdings, Mr Bernard Bankole, has said the instability in the foreign exchange market was a setback to the travel industry.

He, however, expressed optimism that the situation would improve, charging stakeholders in the travel industry to chart a way forward on how to grow the aviation sector.

He spoke with newsmen in Lagos, where he explained the 18-year transformation of the travel agency, which commenced operation in 2006 by expanding with six subsidiaries covering the various aspects of the travel industry.

In 2006, Bernard started the Finchglow Travels Limited, but overtime, it expanded with six subsidiaries providing the travel needs of the clients, boosting manpower in the aviation sector, among others.

He said the company ventured into the travel industry in order to create and sustain standards in the business.

Some of the subsidiaries of the company 18 years later are Finchglow Travels, FCM Travel Solutions, Travel Den, Finchglow Holidays, Finchglobal, Lagos Aviation Academy (LAA).

Bernard, who is also the president of the Association of Aviation Training Organisation of Nigeria (AATON), said the subsidiaries of Finchglow Holdings had continued to deliver to the aviation travel industry topnotch products that had created a niche for themselves in their various fields.

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He said, “What created a bit of a setback was the floating of the foreign exchange market that has brought about the devaluation in our currency. You can imagine that if we had gotten $5 million then in naira, it means that we must make provision for N10 billion as it were. So that made us take a step back to reassess our single direction we want to go.”

He stressed the need for professionalism in the aviation industry, saying it would attract foreign investment.